Core Scientific, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Total revenue for Q2 FY2024 reached $141 million, up from $123.4 million in Q2 FY2023. Key segments include:
    • Digital asset self-mining: $110.5 million (up 14% YOY)
    • Digital asset hosting: $25 million
    • HPC hosting: $5.5 million (first time reported, new data center in Austin)
  • Bitcoin Production: Mined 1,680 BTC in Q2, down 52% from prior-year quarter due to the 2024 halving and a 68% year-over-year increase in network hash rate. However, a 28% increase in Core’s self-mining hash rate helped offset the decline.
  • Margins:
    • Gross profit: $39 million (up 5% YOY)
    • Operating income: $7 million (down 31%)
    • Adjusted EBITDA: $46 million (up 2% YOY)
    • Gross margins: Self-mining: 28%, Hosting: 30%, HPC Hosting: 11% (expected to normalize to 35%-40% ex-power pass-through)
  • Net Loss: Reported $805 million loss largely due to non-cash mark-to-market adjustments related to the appreciation of share and warrant prices. Prior-year net loss was $9.3 million.

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Operator: Greetings, and welcome to the Core Scientific Second Quarter Fiscal Year 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow a formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Steve Gitlin, Senior Vice President, Investor Relations. Thank you. You may begin. Steve Gitlin: Good afternoon, ladies and gentlemen, and welcome to Core Scientific second quarter fiscal year 2024 earnings call. This is Steven Gitlin, Senior Vice President of Investor Relations for Core Scientific. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session after management’s remarks. As a reminder, this conference is being recorded for replay purposes. Before we begin, please note that on this call, certain information presented contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement other than historical or current facts that predict or indicate future events or trends, forecast, performance or achievements and may contain words such as believe, anticipate, expect, estimate, intend, project, plan or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumpti

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